New Delhi, Dec 23 (IANS): The Delhi Cabinet on Monday approved the Electric Vehicle Policy, 2019 with an aim to check vehicular pollution in the national capital.

Chief Minister Arvind Kejriwal said that Delhi government estimates that 5 lakh electric vehicles will be registered in the next five years.

"It will result in saving Rs 6,000 crore on fuel expenditure," he said.

Kejriwal said the goal is to ensure that 25 per cent of the new vehicles that will be registered by 2024 should be Electric Vehicles.

Delhi Transport Minister echoed him saying this will be considered as a huge step in fighting air pollution.

"With the Delhi Electric Vehicle Policy, 2019, 25 per cent of all new vehicle registrations in Delhi to be EVs by 2024," he said.

Kejriwal said the first draft of the EV policy was made public in November 2018. "The policy has been made after receiving feedback from several expert bodies."

The Chief Minister said vehicles have been a major cause of pollution, "40 per cent of PM 2.5 and 80 per cent of NOx and Carbon Monoxide is due to vehicles"

He said the aim of this policy is to make Delhi the Electric Vehicle capital of India.

Sohinder Gill, Director General Society of Manufacturers of Electric Vehicles (SMEV) welcomed the EV Policy and thanked the government for considering most of their recommendations, including conversion of commercial ICE vehicles into electric, E-bike taxi etc. as they are the key drivers to take the e-mobility momentum forward.

"It would encourage the customers to go for green vehicles as it provides customers with additional incentives apart from the subsidy offered by the central government. The direct customer incentive given by Delhi is an example that should be emulated by other states as it'll straightaway help the faster adoption of EVs. It is certainly a well-drafted policy with given targets to achieve," he said.